Principal Financial Group Inc. Purchases Shares of 98,719 PACS Group, Inc. $PACS

Key Points

• Principal Financial Group initiated a position in PACS Group by purchasing 98,719 shares valued at approximately $3.17 million, while several other institutional investors also increased or opened stakes.
• Analyst sentiment remains favorable, with five Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $50.60. Oppenheimer and Truist Financial recently raised their targets to $48 and $52, respectively.
• PACS Group recently exceeded quarterly expectations, reporting $0.50 in earnings per share versus the $0.42 consensus and $1.42 billion in revenue. Shares opened at $46.48, near their 52-week high of $48.00, while insiders sold roughly $31.6 million in stock during the last quarter.

Principal Financial Group Inc. purchased a new position in PACS Group, Inc. (NYSE:PACS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 98,719 shares of the company's stock, valued at approximately $3,171,000. Principal Financial Group Inc. owned approximately 0.06% of PACS Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PACS. Hollencrest Capital Management bought a new stake in shares of PACS Group in the fourth quarter worth about $27,000. Quarry LP boosted its stake in PACS Group by 79.5% during the third quarter. Quarry LP now owns 2,388 shares of the company's stock valued at $33,000 after buying an additional 1,058 shares during the last quarter. Larson Financial Group LLC grew its holdings in PACS Group by 127.0% during the 4th quarter. Larson Financial Group LLC now owns 1,094 shares of the company's stock valued at $42,000 after buying an additional 612 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in PACS Group during the 1st quarter valued at approximately $64,000. Finally, Physician Wealth Advisors Inc. purchased a new position in PACS Group during the 4th quarter valued at approximately $74,000.

Insider Activity at PACS Group

In other PACS Group news, CAO Michelle Renee Lewis sold 15,000 shares of the company's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $40.01, for a total value of $600,150.00. Following the transaction, the chief accounting officer owned 370,338 shares of the company's stock, valued at $14,817,223.38. This represents a 3.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark Hancock sold 153,254 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $36.34, for a total value of $5,569,250.36. Following the completion of the sale, the insider owned 54,449,343 shares in the company, valued at approximately $1,978,689,124.62. The trade was a 0.28% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 796,524 shares of company stock worth $31,611,396 in the last quarter. 70.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Oppenheimer upped their price objective on PACS Group from $42.00 to $48.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Zacks Research lowered shares of PACS Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 14th. Weiss Ratings upgraded shares of PACS Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 8th. Wall Street Zen raised shares of PACS Group from a "buy" rating to a "strong-buy" rating in a research note on Monday, June 15th. Finally, Truist Financial upped their price target on shares of PACS Group from $50.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, May 18th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, PACS Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.60.

PACS Group Stock Down 1.0%

Shares of NYSE PACS opened at $46.48 on Thursday. PACS Group, Inc. has a 1 year low of $7.50 and a 1 year high of $48.00. The firm has a 50-day simple moving average of $40.59 and a two-hundred day simple moving average of $37.54. The company has a market cap of $7.36 billion, a P/E ratio of 29.80, a PEG ratio of 1.40 and a beta of -0.08. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.99 and a quick ratio of 0.99.

PACS Group (NYSE:PACS - Get Free Report) last released its earnings results on Monday, May 11th. The company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.08. PACS Group had a return on equity of 26.47% and a net margin of 4.49%.The firm had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.36 billion. Research analysts anticipate that PACS Group, Inc. will post 2.23 earnings per share for the current year.

PACS Group Company Profile

PACS Group, Inc, through its subsidiaries, operates skilled nursing facilities and assisted living facilities in the United States. The company also provides senior care and independent facilities. It engages in the acquisition, ownership, and leasing of health care-related properties. The company was founded in 2013 and is based in Farmington, Utah.

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